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Barclays Put A Price Target Of 141 On Cable Within 12 months.

Barclays Put A Price Target Of 141 On Cable Within 12 monthsCable took another leg lower on Friday as better than expected jobs numbers came out of the US, adding more weight to the already strong dollar. Barclays have a price target of 141 on Cable within 12 months. The longer term charts are pointing to a target of around 140, but i think we will see a move higher over the coming weeks before any further downside.

Fundamentally the UK have put out some pretty good numbers over the last few weeks hence my bullish short term view of Cable, but talk of US tapering in the next few months may limit the upside of dollar pairs, so the longer term view of Cable is bearish. As tapering starts we should see dollar strength initially, but traders are always looking forward so that strength could be limited as the UK and Europe economies start to come back.

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